SM Investments Corp. (SMIC) delivered a 26% profit increase in the first quarter of 2019, boosted the double-digit topline growth of its property, banking, and retail units.
In a statement issued Wednesday, the holding firm of the Sy family said net income hit P10.7 billion, an improvement from the P8.5 billion it posted in the same period a year ago. Consolidated revenues also went up 15% to P109 billion.
“We continued to deliver double-digit growth to both our top and bottom line in the first quarter. Performance was strong across our businesses, particularly for our banks,” SM President Frederic C. DyBuncio was quoted as saying in a statement.